Question

i have only had my new job for a few weks, however i have had other jobs for years in the past, but decided to get this new job because ill be making much more money. i need an auto loan, who should i go to? FAA Credit union said in order for them to loan it to me i must have been employed for the same employer for a minimum of a year.

All Responses

Unfortunately with the short duration of time at your current employer (the same goes for housing FYI) creates a higher level of risk for the lender... Finding a loan at a competitive rate is going to be hard for you... To be honest your best bet is most likely to have what ever car dealer you are buying from find the lending, with good credit, good continual employment, and over a year at your current residence should be enough to find finiancing.

If you cannot wait for 6-12 months, this is the route I would take, also be prepared to put down some downpayment ($500-1000 MAX), and if you can trade in your old car (Sales Tax Savings), this will help make the sale safer for the lender. If you have more money to put down, do not do so at the dealer unless you absolutely have to, instead use it for the first payment (aka make a huge first payment), this will save you tons in interest. Lastely if the interest rate is too high, once you have established a history with your new employer, Refinance to a better interest rate!

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